Former CEO of failed Kansas bank charged with embezzling millions
ELKHART, Kan. (KAKE) - Former Heartland Tri-State Bank CEO Shan Hanes has been charged with embezzling tens of millions of dollars from the now failed bank.
Court documents show Hanes made $47 million in wire transfers from the Elkhart based-bank in an effort to purchase cryptocurrency. Prosecutors said the loss of the $47 million caused the bank to fail in July 2023. Prosecutors also allege Hanes purchased cryptocurrency with funds embezzled from a church and local investment club.
If found guilty, Hanes could spend up to 30 years in prison and a fine up to $1 million.
When the bank failed, the Federal Deposit Insurance Corporation took control. It reopened as Dream First Bank.